Ocean's Reach Sanibel

Congratulations Ocean's Reach, the first development on Sanibel Island to be designated a Florida Green Lodge by the Florida Department of Environmental Protection. Ocean’s Reach was awarded this designation by demonstrating best practices in communication, water conservation, energy efficiency, waste reduction and clean air.

Ocean's Reach is a beachfront development on the Gulf of Mexico with 64 condo units. This development was recently extensively rehabbed. Ocean's Reach is a poplar development and units are in demand with seasonal renters. Ocean's Reach amenities include tennis, shuffleboard and a gulf-side pool.

There are currently five units available for resale at Ocean's Reach ranging in price from $619k to $995k.

Sanibel’s first Green Lodge designation goes to Ocean’s Reach [The Island Reporter]

An Oasis in Fort Myers

The luxury urban lifestyle commonly associated with South Beach has come to the Fort Myers landscape courtesy of the Related Companies and their new project, the Oasis. This development features five 32-story high-rises sited along the Caloosahatchee River in the Downtown Fort Myers River District. With 1,079 units at full build-out, Oasis is the largest high-rise riverfront development in Fort Myers.

The common amenities including the riverfront pool are unparalleled in Fort Myers. Poolside, the white theme is prevalent with luxurious canopied white lounging beds, white tables and fountains.

The Oasis condo finishes also set a new bar here in Fort Myers. Tower II high-end finishes include floor-to-ceiling windows, glass railing balconies, granite counter tops, stainless steel appliances and imported Italian cabinetry.

Currently, five resale units are available at the Oasis starting at $579,000.

Gen Y Real Estate

Southwest Florida is attracting more Gen Y residents today than ever before. One of the key factors contributing to this growth in younger residents include the annual double-digit enrollment increases of Florida Gulf Coast University. Last year FGCU enrolled over 9,500 students, with an ever-increasing number electing to stay in the area after graduation.

Additionally, the price corrections that we have seen over the past 18 months have opened up home ownership opportunities in the Fort Myers area for this new breed of Gen Y residents.

Where are the Gen-Yers choosing to live in Southwest Florida? Certainly the Fort Myers River District is attracting young professionals. Projects like Alta Mar and Beau Rivage offer waterfront luxury on one side and an urban edge on the other.

Other neighborhoods attracting Gen-Yers include: Gateway; Colonnade at the Forum and Sail Harbour. San Carlos Park is very popular with Gen-Yers and offers really convenient access to FGCU and the Coconut Pointe Mall in Estero. Fort Myers Beach is also a popular spot for Gen-Yers.

Real estate agents court Gen Y [USA Today]

The Wrong Lot

Interesting story about a house that was incorrectly built on the adjacent Cape Coral vacant lot. It befuddles me that a house could be on wrong lot for 11 years and even through a sale without the error being discovered until the current homeowner decided to install a pool.

This story has attracted a large number of comments with the majority suggesting that the lot owner should swap properties and accept the adjacent vacant lot. The Maryland-based lot owner comes across as a tad bit petty suggesting that he would not be satisfied with a simple swap of properties.

Ultimately, It seems to me that Sunshine Title of SW Florida, the title company that handled the last transaction involving the sale of the house, would be responsible for making the homeowner whole.

I had a similar experience a couple of years ago in Cape Coral due to a surveyor mistake about a property line and a slab was built half-way on my lot. Fortunately, I was in the process of selling the lot and the error was discovered with just the slab in place. Once the error was identified, the builder expeditiously removed the slab and started over in the correct location. Although the vacant lot sale was delayed about a week, everything worked out just fine on that transaction.

House dreams turn to nightmare in Cape Coral [News-Press]

Urban Lifestyle at High Point Place

The urban lifestyle that is so treasured along 5th Avenue South in Naples is slowly taking shape here in Fort Myers. At the west end of the River District, the tallest building in Southwest Florida is a fantastic anchor for our urban revitalization. Steps away from historic McGregor Boulevard, the Publix Supermarket, Starbucks and the First Watch Restaurant, High Point Place delivers urbanism to Fort Myers in a meaningful way.

At 32 stories tall, the views from High Point Place are truly stunning. Late in the day with the sun setting over the Gulf, the vivid colors of the glistening Caloosahatchee are truly spectacular!

A first class list of amenities includes a riverfront pool and jacuzzi, fitness center, saunas, gathering room with a catering kitchen and bar, conference room, garage level storage lockers, and a resident car wash bay. The adjacent marina rounds out the amenities list or the boating crowd.

Currently, there are 28 units at High Point Place available for sale in the Fort Myers MLS. Prices range from $499.9K for a 2BR/2BA on the 4th floor to $1.185M for a 2BR/3.5BA on the 24th floor.

Iona Fort Myers

One of the highlights of my week is perusing the Sunday Real Estate section of the News-Press. While Denny Grimes' confession that he went to the "Sex in the City" movie this week brought a tear to my eye, the best article for me this week was the overview of the Iona-McGregor neighborhoods.

Iona has a convenient "near town" location and also offers privacy and close access to our wonderful barrier islands. Iona is home to several of our premier gated boating communities including Catalpa Cove, Intracoastal Harbour, Jonathan Harbour and St. Charles Harbour.

Prices in Iona range from a 5BR 6BA riverfront mansion for $7.4M to a 3BR 1BA home in Iona Gardens for $79.9K.

Community snapshot: Privacy the main theme in Iona-McGregor [News-Press]

Fort Myers Home Staging

If you think Feng Shui is a steamed dumpling then you better keep reading the rest of this post. Staging a home prior to putting it on the market is definitely the rage throughout the real estate community.

Locally, many sellers of luxury and high-end properties have dipped their toe into the home staging waters. In a recent tour of luxury homes for sale in Fort Myers waterfront communities, the lion's share of homes priced over $1m were staged to some degree. Staging isn't just for luxury homes, it can prove very beneficial in marketing homes across all price ranges.

Congratulations to our very own hometown stager, Kathleen Garvey of Enhanced Interiors & Home Staging. Kathleen won the first ever Stager Idol Competition, which was sponsored by the Real Estate Staging Association. Way to go Kathleen!

On Deck.......ARM Recasts

The buzz in the mortgage industry is that the other shoe is expected to drop starting in April 2009. Here in Southwest Florida, we are truly living and breathing the havoc created by the subprime mortgage crisis. Rarely a day goes by without at least a single discussion about short sales, foreclosures, lis pendans and all the other challenges that exist in our market today.

The mortgage industry experts are predicting additional challenges early next year when a large percentage of adjustable rate mortgages (ARMs) recast, or in layman's terms, adjust upward. It is expected that the upward adjusted monthly payments will be more than many of these owners can afford.

If you are a homeowner with an ARM that will recast in the near future, the Mortgage Bankers Association has a mortgage counseling hotline (888-995-HOPE) that can help. Hotline counselors help borrowers negotiate with banks and offer advice on refinancing options.

The Next Real Estate Crisis [Business Week]